Doi Moi


Doi Moi

Đổi Mới (English: Renovation) is the name given to the economic reforms initiated in Vietnam in 1986 with the goal of creating a "socialist-oriented market economy". As a result of Đổi mới privately-owned enterprises were permitted in commodity production (and later encouraged) by the Communist Party of Vietnam; furthermore, the push to collectivize the industrial and agricultural sectors of Vietnam, previously the focus of intense efforts by the Communist authorities, was abandoned.

Đổi mới reforms led to the development of what is now referred to as the Socialist-oriented market economy[1], where the state plays a decisive role in the economy but private enterprise and cooperatives play a significant role in commodity production. Đổi mới helped Vietnam establish diplomatic relationships with the capitalist West and East Asia in the 1990s. The Communist Party of Vietnam has reaffirmed its commitment to the socialist economic orientation and that Đổi mới renovations of the economy are intended to strengthen socialism.[2]

Although not simultaneously accompanied by an articulated policy of increased political liberty (such as political glasnost accompanied economic perestroika in the Soviet Union), the communist government has nonetheless tacitly permitted many personal freedoms much greater than in the past since the beginning of the Đổi mới era.[citation needed]

The economic reforms that introduced market forces in Vietnam are likened to modern Chinese economic reform.

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